KARACHI: Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index jumped more than 1,000 points as the country expects to sign a deal with the International Money Fund (IMF) to unlock much-needed funds.
The benchmark index rose 1,033.02 at 10:47am as the market anticipates that Pakistan can revive the stalled IMF loan to avoid a sovereign default.
The National Assembly passed the Finance Bill 2023-24 with a majority vote Sunday, with a revised outlay of Rs14.48 trillion after adopting certain amendments to the proposed budgetary measures.
In a last-ditch effort to clinch a stalled rescue package with the IMF, the government introduced a number of changes to its budget for the fiscal year 2024.
The decision to amend the budget had come after Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.
Around five days remain before the IMF’s Extended Fund Facility (EFF) agreed in 2019 expires on June 30.
Under the $6.5 billion facility’s ninth review, negotiated earlier this year, Pakistan has been trying to secure $1.1 billion of funding stalled since November.
